Our Loan Policy

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A member may borrow up to five times the balance of their savings (up to £20,000.00) and during the course of the loan a fifth of the loan balance must be retained in your savings. Therefore as the loan reduces funds from the savings become available to withdraw, pay off part or all of your loan, or secure an additional loan. Once the loan has been agreed money will be transferred into members’ bank accounts.

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Our Loan Policy

A member may borrow up to five times the balance of their savings (up to £20,000.00) and during the course of the loan a fifth of the loan balance must be retained in your savings. Therefore as the loan reduces funds from the savings become available to withdraw, pay off part or all of your loan, or have an additional loan against. Once the loan has been agreed money will be transferred into members’ bank accounts.

Please follow the link below if you wish to apply for a loan online.

 

 Fill in the online form here.

 

Planning and managing repayments

Flamesavers is flexible with regard to repayment plans, though there are some legal limitations to the length and the amount of a loan. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. There are no penalties associated with repaying your loan quicker than agreed. Five years is currently the maximum loan term.

Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to our staff, who will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan can be renegotiated if possible. 

Short term loans

All of our loans can be short term. We only ask for one month’s interest. After that the loan can be repaid in full or part with no penalty charges.

Changes to loan policy

The Board reserves the right to change the loan policy at any time, however members will be informed of any changes. Changes will not affect existing loans.

Loans and loan interest

Interest is calculated on a reducing loan balance on the last day of a month and added on the first working day of the next month.

Bad debt management

We strongly urge all members to contact the office if they experience any problems with their loan repayments. We try to be as flexible and approachable as possible. We have a number of ways we can help members and will always try to find a solution. However having exhausted every avenue to help a member we will vigorously pursue any member who defaults on a loan without discussing their problems first.